USAP - Universal Stainless Reaches Labor Agreement at its Bridgeville Facility | Benzinga
BRIDGEVILLE, Pa., Sept. 01, 2023 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) announced today that it has reached a new five-year collective bargaining agreement with the hourly employees at its Bridgeville facility represented by Local 9531 of the United Steelworkers.
The new five-year agreement has been ratified by the bargaining unit and is effective as of September 1, 2023 when the prior labor agreement was scheduled to expire. The new contract maintains the flexible work rule terms and profit-sharing incentives contained in the prior agreement.
Dennis M. Oates, Chairman, President and Chief Executive Officer, commented: "We are very pleased that we have a new labor agreement at our Bridgeville facility that is in the best interests of our employees, customers and shareholders.
"Demand in the aerospace industry remains robust and our backlog remains at record levels. With this agreement in place and the ongoing commitment of our entire team, we are fully equipped to capture the substantial opportunity in our markets."
About Universal Stainless & Alloy Products, Inc.
Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing. More information is available at www.univstainless.com.
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